How many of you at retirement age haven't saved enough? How is it?
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seattle prattle wrote:
spinny wrote:
You will find a very wide range of incomes among physicians. Making a lot of money isn’t just limited to neurosurgeons and orthopedics, etc. I’m in a medical sub specialty that is traditionally thought of as not making very much money. I make significantly more than 500k per year.
I read this book years ago, I think it was The Millionaire Next Door, and it painted docs as a profession that tended to be wrapped up with the concerns of running their practice and consequently were more prone to entrust their retirement savings in very safe investments that they wouldn't have to monitor, and since they tended to be too unconcerned with aggressive saving/investing, they errored on the site of being underinvested and in way too conservative investments. As a result, they didn't do nearly as well in the final analysis as one might have thought, given their incomes.
I don't know how true that is but it makes for a good story.
sounds made up and written by someone (the author) who wishes he had been smart enough to become a doctor. Instead, he wrote a self help book
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as self help books wrote:
seattle prattle wrote:
I read this book years ago, I think it was The Millionaire Next Door, and it painted docs as a profession that tended to be wrapped up with the concerns of running their practice and consequently were more prone to entrust their retirement savings in very safe investments that they wouldn't have to monitor, and since they tended to be too unconcerned with aggressive saving/investing, they errored on the site of being underinvested and in way too conservative investments. As a result, they didn't do nearly as well in the final analysis as one might have thought, given their incomes.
I don't know how true that is but it makes for a good story.
sounds made up and written by someone (the author) who wishes he had been smart enough to become a doctor. Instead, he wrote a self help book
Awww, now you tell me, after religiously following their advice for the last 25 years! Just think what I could have made of myself (and my finances). Now I wish i signed it out from the library rather than buying a copy.
Live and learn.
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71 yo, retired 5 years ago. Work was for paying bills, investing was for building wealth. Planned for 2 years for specific retirement date, paying off everything. Not saying how much saved, but technically have enough; I built in safety factors and don't need to use savings, but RMD kicks in next year or the following depending on if congress extends the requirement another year. With that the comfort level goes way up. And I did not include my wife's savings in the calculations. Retirement still feels iffy having only passive income. Running benefits have made medical requirements almost nil and I expect that to continue. It's getting tougher to put running mileage in the bank though.
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